Senate Bill S7244

Signed By Governor
2013-2014 Legislative Session

Makes technical correction relating to exercise of power of appointment and an authorized trustee's authority to invade trust principal

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9757 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S7244 (ACTIVE) - Details

See Assembly Version of this Bill:
A9757
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §10-6.6, EPT L

2013-S7244 (ACTIVE) - Summary

Makes a technical correction relating to exercise of power of appointment and an authorized trustee's authority to invade trust principal.

2013-S7244 (ACTIVE) - Sponsor Memo

2013-S7244 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7244

                            I N  S E N A T E

                               May 7, 2014
                               ___________

Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
  istration) -- read twice and ordered printed, and when printed  to  be
  committed to the Committee on Judiciary

AN  ACT  to amend the estates, powers and trusts law, in relation to the
  exercise of a power of appointment and an authorized trustee's author-
  ity to invade trust principal

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph 10 of paragraph (s) of section 10-6.6 of the
estates, powers and trusts law, as added by chapter 482 of the  laws  of
2013, is amended to read as follows:
  (10)  The  creator  shall  not be considered to be a beneficiary of an
invaded or appointed trust by reason of the trustee's authority  to  pay
trust  principal  to  the  creator pursuant to section [7-1.1] 7-1.11 of
this chapter or by reason of the trustee's  authority  under  the  trust
instrument or any other provision of law to pay or reimburse the creator
for  any  tax  on trust income or trust principal that is payable by the
creator under the law imposing such tax or to pay any such tax  directly
to the taxing authorities.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after November 13, 2013.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14936-01-4

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